Securitize, the largest tokenization platform by assets under management, cleared its final SEC regulatory hurdle on June 5, 2026, when the Commission declared effective the Form S-4 registration statement for its merger with Cantor Equity Partners II (Nasdaq: CEPT). Shareholders vote June 29. If...
"Tokenized equities and ETFs could grow the real-world asset market from roughly $30 billion today to as much as $5 trillion. The entire equities and ETF market worldwide is probably like $150 trillion, and only if a small percentage of that moves onchain, it gets you very close to that $5 trillion." — Carlos Domingo, CEO, Securitize
Securitize, the largest tokenization platform by assets under management, cleared its final SEC regulatory hurdle on June 5, 2026, when the Commission declared effective the Form S-4 registration statement for its merger with Cantor Equity Partners II (Nasdaq: CEPT). Shareholders vote June 29. If approved, the combined entity will trade on the NYSE under ticker SECZ at a pre-money valuation of $1.25 billion — making it the first pure-play tokenization infrastructure company to become publicly listed.
The listing arrives as on-chain tokenized real-world assets (excluding stablecoins) reached $31.4 billion in distributed asset value as of June 10, 2026, according to RWA.xyz, up 256.7% from $5.42 billion in January 2025. Securitize manages roughly $4 billion in tokenized assets, serves as the platform and transfer agent for BlackRock's BUIDL fund, and has signed infrastructure agreements with the New York Stock Exchange and Computershare that could open a pathway for a portion of the $70 trillion U.S. equities market to move on-chain.
The transaction is structured as a business combination between Securitize, Inc. and Cantor Equity Partners II, a special purpose acquisition company sponsored by an affiliate of Cantor Fitzgerald. Key terms:
Existing equity holders rolling into the combined entity include ARK Invest, BlackRock, Blockchain Capital, Hamilton Lane, Jump Crypto, Morgan Stanley Investment Management, and Tradeweb Markets. No existing shareholders will receive cash consideration.
CEPT shares traded at $12.40 on June 7, 2026, implying a market capitalization of approximately $375 million — a discount to the $1.25 billion pre-money valuation, reflecting typical SPAC merger uncertainty and broader crypto market weakness.
Securitize reported 841% year-over-year revenue growth to $55.6 million for the nine months ended September 2025, up from full-year 2024 revenue of $18.8 million. The acceleration has continued into 2026:
| Metric | Q1 2026 | FY 2025 (9-mo) | FY 2024 | |---|---|---|---| | Revenue | $19.5M | $55.6M | $18.8M | | YoY Revenue Growth | 39% | 841% | ~100% | | Net Income (Loss) | ($7.9M) | N/A | N/A | | AUM (avg) | $3.2B | N/A | N/A | | AUM (period-end) | $3.4B | N/A | N/A |
Management's 2026 full-year guidance projects revenue of approximately $110 million and adjusted EBITDA of roughly $32 million. For 2027, Benchmark analyst Mark Palmer models $178 million in revenue, underpinning the firm's $16 price target on CEPT — the only published Wall Street estimate.
AUM rose from $3.2 billion (Q1 average) to $3.4 billion by March 31, 2026, and exceeded $4 billion by late 2025 according to earlier disclosures. The revenue model is driven by platform fees on tokenization, transfer agent services, and compliance infrastructure.
What separates Securitize from competitors is a cross-jurisdictional regulatory stack that took years to assemble:
This four-layer licensing structure functions as a structural barrier to entry. Competitors such as Fireblocks, Kaleido, and HollaEx operate primarily in custody or infrastructure layers but lack the integrated broker-dealer and transfer agent registrations that enable Securitize to handle the full issuance-to-settlement lifecycle within a single platform.
RWA.xyz ranked Securitize the No. 1 tokenization platform as of March 2026, with 21 tokenized RWAs, approximately $3.07 billion in platform asset value, and 1,788 holders.
Three institutional partnerships define Securitize's current market position:
BlackRock BUIDL Fund. Securitize serves as the tokenization platform, transfer agent, and placement agent for BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), a tokenized money market vehicle. BUIDL has expanded across multiple blockchains — including Ethereum, Solana, Avalanche, and BNB Chain — and is accepted as trading collateral on Binance. The fund was described by BlackRock as its first tokenized fund offering.
New York Stock Exchange. In 2026, NYSE and Securitize announced a collaboration to develop tokenized securities markets. Securitize was named the design partner and first digital transfer agent eligible to mint blockchain-native securities for corporate and ETF issuers on a planned NYSE-affiliated Digital Trading Platform.
Computershare. Securitize and Computershare signed an agreement enabling U.S.-listed companies to issue equity securities in tokenized form. Computershare serves over half of the S&P 500 as transfer agent. Under the arrangement, issuers can offer Issuer-Sponsored Tokens (ISTs) alongside existing shares held in the Direct Registration System (DRS), with Computershare processing corporate actions for IST holdings.
These three relationships collectively position Securitize at the intersection of asset management ($10+ trillion AUM via BlackRock), exchange infrastructure ($44 trillion NYSE market cap), and corporate transfer services (50%+ of S&P 500 via Computershare).
Speaking at ETHConf in New York on June 9, 2026, CEO Carlos Domingo outlined Securitize's thesis that tokenized equities and ETFs represent the next major expansion vector for the RWA market.
Domingo contended that the global equities and ETF market totals approximately $150 trillion, and that even 2-3% migration on-chain would yield a $3-5 trillion tokenized equities market — dwarfing the current $31 billion RWA market.
He drew a sharp distinction between what Securitize considers "real" tokenized equities — instruments providing direct ownership, voting rights, and dividends — and synthetic or derivative-based products offered by some offshore platforms. "A lot of people that today say that they tokenize equities, they're not tokenizing equity," Domingo told the audience, according to CoinDesk.
The practical infrastructure is already being laid. The Computershare agreement creates a mechanism for S&P 500 companies to issue on-chain equity directly through their existing transfer agent. The NYSE partnership provides a regulated venue. Securitize's broker-dealer and ATS licenses provide the compliance layer.
Whether this thesis materializes depends on issuer adoption, regulatory clarity on token classification, and investor demand for on-chain equity versus traditional brokerage accounts. Benchmark's Palmer framed the opportunity in terms of basis points: capturing "just one basis point" of NYSE's $44 trillion listed market would more than double Securitize's current AUM.
The tokenized RWA market has expanded rapidly but remains a fraction of traditional finance:
Major institutional participants beyond Securitize include Franklin Templeton (tokenized money market fund), Ondo Finance (tokenized Treasuries), and Superstate. The DTCC has announced a $114 trillion tokenization pilot launching July 2026 (covered in a separate report).
The Securitize listing represents a new milestone: public market investors will, for the first time, be able to gain direct equity exposure to a pure-play tokenization infrastructure provider. Prior public proxies for the tokenization theme were limited to diversified companies like Coinbase (exchange), or traditional finance firms with tokenization initiatives, such as JPMorgan (Onyx/Kinexys).
Valuation disconnect. CEPT's $375 million market cap at $12.40 per share sits well below the $1.25 billion pre-money valuation and Benchmark's $16 target. The discount reflects SPAC merger risk, current crypto market conditions (Fear & Greed Index at 14), and potential redemptions from the trust.
Revenue concentration. Securitize's reliance on a small number of large clients — particularly BlackRock — introduces concentration risk. The company reported a $7.9 million net loss in Q1 2026 despite 39% revenue growth.
Market timing. The listing approaches during one of the most hostile crypto market environments in 2026. Bitcoin fell to a 2026 low of $59,100 on June 5; the total crypto market cap has declined to $2.11 trillion; and spot Bitcoin ETFs have seen $2.8-3.5 billion in net outflows over 10-11 consecutive sessions.
Tokenized equity demand. The $5 trillion TAM thesis assumes meaningful issuer adoption and investor willingness to hold equities on-chain rather than through traditional brokerage. Regulatory frameworks for tokenized equities remain incomplete.
Competition. Paxos Securities Settlement Company received SEC clearing agency registration in May 2026, positioning it to compete in blockchain-based post-trade infrastructure. Other infrastructure providers are building adjacent capabilities.
Securitize's NYSE listing, if completed, will create the first publicly traded pure-play tokenization infrastructure company. The significance extends beyond the $1.25 billion valuation. BlackRock, NYSE, and Computershare have each chosen Securitize as their tokenization partner, signaling that institutional infrastructure is being built around a single platform layer. Whether that infrastructure translates into the kind of asset migration Domingo projects — 2-3% of the $150 trillion global equities market — remains unproven. The revenue trajectory shows demand, but from a narrow client base in a macro environment that is punishing risk assets. Public market investors will now get to price that bet directly.